How Can the ‘On-Demand’ Economy Benefit Your Business?

These days the business press is awash with stories of the latest ‘on-demand’ businesses set to disrupt entire industries. From a consumer standpoint this is proving to be revolutionary in many areas of day to day life, particularly in big cities, making it easier to do everything from getting a taxi to hiring takeaway food.For the corporate world, one of the main advantages of this trend is that businesses large and small now have the ability to access labor and expertise specifically as and when they require it. Business owners and managers can now easily tap into a global talent pool, hiring individuals to tackle a specific problem or project without having to add an expensive professional to the payroll. No matter how niche or specific the problem is, there will be an expert out there who can help.

This expertise can take on many forms, from hiring in a creative wizard for an innovation project, a consultant to help a startup with their business plan or product road map, or an experienced banker to help advise a larger company on a drive for new funding and investment.This ability to tap expertise levels the talent playing field, as in the past only the biggest companies could afford to hire in top level business expertise. Today’s readily accessible talent pool provided by the on-demand economy changes that, opening it up to any business from one person startups to PLC’s. For a growing startup for example, the ability to hire an experienced Finance Director for even a couple of hours chat on the phone can be massively rewarding and pay great dividends.From a worker or expert perspective, many professionals thrive on having the freedom to select projects and companies which really interest them and having ability to set their own flexible working schedules. The idea of a solid job for life staying with the same employer is fast becoming a relic of a bygone era.

The relentless march of the on-demand economy is only getting faster. Owners and managers need to latch onto this trend, leveraging the ready and willing talent that is out there to support and help drive their own business forward.The development of online talent platforms will have a significant global economic impact, contributing an estimated $2.7trillion to global GDP annually by 2025. The bulk of this impact is estimated to come from increased labour participation and hours worked, alongside reductions in unemployment.

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